Ethiopian Shipping Lines and Logistics Service Enterprise (ESLSE) is going to inaugurate new ships in Djibouti in the presence of leaders from Ethiopia and Djibouti on Saturday, May 17,2014.

Chief Engineer Alemu Ambaye, Vice CEO of the Enterprise said it has been a while since the ships were built and delivered to ESCLE. But the inauguration ceremony has not yet taken place in order to coincide it with the 50th anniversary of ESLSE.

Nine new flag carriers were bought by ESLSE for a total cost of 300 Million US dollars. Out of this money, 80 percent of it was covered by a commercial loan from the Export-Import (EXIM) Bank of China.

When the newly bought 9 ships start working the Enterprise will have a total of 12 national carriers.

During its five decades operations the Enterprise has owned some 34 ships. According to the Alemu, the major destinations for the ESLSE has now changed to the Middle Eastern Countries and the Far East. The Enterprise terminated the Mediterranean ports in the 1980s which led the enterprise to focus towards the East.

ESLSE was first established in 1966 as a corporate enterprise and had American and Dutch companies that controlled 49 percent of the total share.

Source: The Reporter